Our NEW KING paying 0% inheritance tax on £100 million estate

[bluejay5]

Am I right in thinking this is unreasonable? While the rest of us commoners are taxed to within an inch of our lives, struggling to heat our homes. A few select individuals who are innately better than any of us towns folk get to keep their wealth and see their generations become richer and richer.
Don't get me wrong I understand the need to pay taxes, to keep us in a usable society and country. They tax our income, any profit we make from any business we take the risk of setting up, our council taxes us, if we receive a dividend from any smart investment we make, if we decide to buy a new house with money that was already taxed, they tax us again ..

And finally to top it all off, after being taxed all our working lives we decided to try and build some generational wealth and help out our offspring, and even in death they tax us... on property and money that was already taxed!!!

Yet a few individuals through no skills, or talent of their own, just by virtue of their birth are deemed to be literally innately better to a point where they are exempt from the rules we live under.

Please make it make sense???

Apparently, the monarchy is exempt from income tax in order to protect the wealth of the royal family from being eroded!
While the rest of us fight for survival like crabs in a barrel.

Plus anyone heard of the ''panama papers the queen''
google it ...

this Society has class baked into it. We aren't meant to move up or aspire for greater things. It's a rigged system, you can't tell me it's not.

Sorry, rant over.

As I said a couple of days ago on the previous post about the royal family and inheritance tax I don't think anyone should pay inheritance tax.

You are being taxed on money that has already been taxed. Good for him he's found a way round it and so would I if I could.

I should add I am in favour of higher taxes in general to maintain a better standard of living for everyone, but not inheritance tax because I think it is unfair.

You are talking nonsense @Autumndays123

go and read this then come back and write an informed post

britishheritage.com/royals/royal-family-cost-british-taxpayer

Seriously, if you don't talk about this when it's actually happening, ie during the succession, then when on earth do you?!

If you look into the public vs private status of the duchies, it gets very muddy. If these estates are public assets, why do we see none of the £millions of profits they generate? Why doesn't this go to the treasury? If they're private assets, why don't they pay corporation tax or capital gains tax? And why do they invest so much of their profits offshore which is of no benefit to us at all? It's extremely murky. When Parliament has scrutinised why the duchy of Cornwall is exempt from tax, the reason is pretty much "because it is". They even audit their own accounts!

Btw I suggest everyone reads "and what do you do?" by Norman Baker for an insight into Royal finances. It's an education.

So everyone paying into a pension out of their monthly salary is now classed as wealthy? I think it is you that is being ridiculous.

Pension and other investments are generally made through investment managers or pension funds. The individuals whose pension or funds are being invested very rarely understand the details. Are you telling me that you pay into a pension? If not, I guess maybe you are dependent on the state or will be when you retire - how is this better that working all your life and taking advantage of a few legal tax breaks?

Inheritance tax isn’t money that is “taxed twice”

whenever money/assets changes hands there is typically a tax in this country.

e.g VAT when I buy something in a shop, when I cash in investments and pay CGT

by your logic of only taxing assets/money once, I should argue I shouldn’t pay income tax before VAT has already been paid on the money I earn.

I also don’t understand the big deal with inheritance tax, when my parents die me and my brother will get a decent enough chunk after inheritance tax.

Not incorrect at all. Tax-free threshold of £325k, plus residence nil-rate band of £175k. Double it for a couple, who if married can transfer their allowances across.

www.moneysavingexpert.com/family/inheritance-tax-planning-iht/

Hahaha OP that link has absolutely nothing whatsoever to do with what I wrote? Are you just firing off things you've found on Google to people to 'support' your own narrative without actually reading what they are saying?

Tax avoidance is legal and pretty much every member of society do it one way or another. It's almost certain that you avoid tax, your husband, your parents/siblings etc and so on. Just because the media don't thrust it in your face or spoon feed that information to you, it doesn't mean it doesn't happen.

Yes, the wealthier you are the more extensive the tax planning but the principle is no different to what you are your family do through paying a pension etc, it's just on a larger scale because more money is involved. Are you saying it's acceptable for you to avoid tax through the various methods listed but it's not ok for others?

I would strongly recommend you improve your knowledge of tax and tax planning, if only to pass that knowledge onto your children and future generations within your family.

Proves my point, 4% is next to bugger all, and those who do pay it are well-off.

There is Crown wealth and personal wealth - posters are confusing them

If the Queen has passed on her personal wealth (£365m according to the Sunday Times but who knows? @cakeorwine) to Charles he will not have to pay any inheritance tax. I agree with the OP it is unfair and unreasonable.

Obviously assets held by the reigning monarch in right of the Crown aren’t subject to inheritance tax such as official residences and the Royal Collection of paintings and other works of art.

The Duchy of Cornwall with an annual income of about £21million has been passed on to William as per tradition, but likewise the Duchy of Lancaster has been passed on to Charles with a net income of about £24 million per year. So he hasn't exactly lost out

£325k if you’re single and the nil rate band of £175k only applies if you pass on a main residence to your children or grandchildren, not nieces and nephews. So in my aunts case, anything over £325k was at 40%

The tide is shifting on the monarchy, as the demographics of this country change age-wise. So to will support, times are getting harder for the rest of us, while a select few ''virtuous'' individuals who have been venerated to God-like status for no real reason are kept in place by fanatics and a broken system.

@SavingsThreads

Except that a lot of the people who believe they have got the facts correct have not. In case you want to do a little research.

www.nytimes.com/2022/09/13/world/europe/king-charles-wealth.html?smtyp=cur&smid=tw-nytimes

I'm not really sure what you expect them to pay inheritance tax on? It's just some houses that keep getting passed down? They don't own them.

According to the Rich List the queen had a net worth of about $430 million @cakeorwine

I don't understand the miserable bores who froth at the mouth over the monarchy when the working royals do not choose their life and work constantly for the country and for charities. They are rich but they have onerous duty. They do not in any meaningful sense rule over us and I can see why the Queen signed herself as 'Your servant'.

Why not froth over the many, many very wealthy in this country who earned their wealth through dubious means, avoid tax, and give nothing back to the country. Unlike the monarchy.

Do you look at countries that are republics and see a glorious idyll of equality and fairness? No division of rich and poor?

And by the way, I love the tradition and pomp and ceremony. It makes me feel delighted and lucky to be British. You miserable load of sourpusses.

It's clearly a very ineffective tax too, so easy to avoid - frankly how the OP manages to "wisely" invest such that her wealth is more than £500k (or more than £1m if married) yet is not wise enough to consult an accountant is beyond me.

We'd be better off doing what the Australians have done. Treat assets inherited as just a transfer of capital and apply CGT when those assets are liquidated instead of IHT. Then you're actually targeting the extra income, not just re-taxing income which has previously been taxed.

Do you have a professional interest in this topic - journalist or politician perhaps?

Personal wealth passed down from the Queen to Charles @Cakeandcardio potentially worth hundreds of millions of pounds. The "houses" that they don't own are Crown Estates

Stop complaining, you’re one of those who complains about not seeing what you want on the news, people live in poverty yes but the government is tackling those issues daily.
The monarch we’ve had for 70 years has just passed and you can only complain about him inheriting something passed down for generations.

@wallow Really? You are quoting the New York Times as fact!

Sorry but that article is about as factual as a fairytale.

How much personal wealth did the Queen have?

it’s believed the Queen had about £500 million in personal wealth. But she had her personal lawyer lobby the government to block this information from ever being disclosed.

Well maybe your aunt should have looked into other ways of minimising the liability.

The Queen was married and passed her wealth on to her children. Quite a bit of it would have been farmland and therefore exempt (James Dyson has bought up vast tracts of farmland for this purpose). For the rest, if she wasn't Queen she'd have set up a trust like most other multimillionaires (see also: Duke of Westminster).

www.theguardian.com/uk-news/2021/feb/07/revealed-queen-lobbied-for-change-in-law-to-hide-her-private-wealth

people live in poverty yes but the government is tackling those issues daily

Is this post for real? 🤯

people live in poverty yes but the government is tackling those issues daily

Yes, “tackling it” in the sense of trying and widen the gap, and doing so very successfully too.